As a seasoned crypto investor with several years of experience under my belt, I’ve learned to keep a close eye on whale movements and on-chain data. The recent withdrawal of over 14,140 BTC from exchanges worth nearly one billion US dollars is a clear sign that large investors are taking profits or preparing for a potential market downturn. While this news initially sent the price of Bitcoin tumbling, I remained cautious and didn’t panic sell.
Based on a recent analysis by crypto expert and trader Ali Martinez, it is reported that an enormous quantity of Bitcoin was transferred from cryptocurrency exchanges to cold wallets this week.
This coincided with the price of the world’s largest crypto plummeting by almost 5.5%,
Whales withdraw billion of USD in BTC
As an analyst, I’d like to point out that according to data from CryptoQuant, a reputable on-chain data aggregator, over the past 48 hours, I’ve observed that cryptocurrency whales have transferred approximately 14,140 BTC from various trading platforms. This equates to nearly one billion US dollars when considering the current value of Bitcoin in the fiat currency market.
As a crypto investor, I’ve noticed that approximately $954.5 million worth of Bitcoin, equal to over 14,140 coins, have been taken out of various crypto exchanges’ wallets within the past 48 hours.
— Ali (@ali_charts) June 12, 2024
As a researcher studying the cryptocurrency market, I’ve noticed a recent trend of investors withdrawing their Bitcoins from exchanges. However, an intriguing development occurred on Tuesday when a previously inactive wallet holding approximately 8,000 Bitcoins became active and transferred this substantial amount to Binance. At the time of the transaction, this quantity of Bitcoin was worth over $535 million.
Prior to that transaction, the whale remained inactive for approximately five and a half years.
Bitcoin suddenly reclaims $70,000
Over the past few days, starting from Tuesday, Bitcoin has experienced a significant rally, regaining 5.77% and reaching a remarkable milestone at $70,000. Today, this level was recaptured as Bitcoin printed a large green candle on the hourly chart, signaling a strong bullish trend.
As a crypto investor, I’m thrilled to share that today, we witnessed a 3.29% growth in our digital assets portfolio. The reason for this uptick? The Consumer Price Index (CPI) data for May was announced, coming in at 3.3%, which was lower than the anticipated 3.4% figure by analysts. Consequently, Bitcoin rallied and surpassed an essential psychological price benchmark.
By now, however, BTC has seen a minor pullback and is changing hands in the $69,700 zone.
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2024-06-12 21:18